Tuesday, October 07, 2008

After Daryl Gates

"But also never neglect the psychological, cultural, political, and human dimensions of trading, which is inevitably tragic, inefficient, and uncertain. Be skeptical of systems analysis, computer models, game theories, or doctrines that suggest otherwise. Look askance at idealized, triumphalist, or ethnocentric notions of future strategies that aspire to upend the immutable principles of risk: where the money is made but capital is unjeopardized. Where markets can be cowed, shocked, or awed into profitability instead of being processed, execution by execution, scalp by scalp, trade by grueling trade."


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